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5781. Fresh Starts: School Form and Student Outcomes

Author:
Peter Bearman and Christopher Weiss
Publication Date:
10-2004
Content Type:
Working Paper
Institution:
Institute for Social and Economic Research and Policy at Columbia University
Abstract:
Seemingly endless tinkering and adjustment of the structure of education in the United States over the past century has led to the adoption of different school forms at different times. Currently the middle school is the dominant form of schooling for the middle years of education; however, the middle school is a relatively new form that replaced the junior high school, which itself replaced previous schooling forms. Despite the rhetoric of policymakers and practitioners, little research has considered what school forms work for what kinds of adolescents across what dimensions. In this article, we show that for both academic and non-academic outcomes, how school systems structure the transition from 8th to 9th grade makes almost no difference. Where differences appear, they are small and point to the benefits of school transitions for providing fresh starts to adolescents in socially difficult situations. The policy implications are correspondingly clear: the optimal school structure for any school district is the one that maximizes building space, reduces crowding, and achieves administrative rationality.
Topic:
Development, Economics, and Education
Political Geography:
United States

5782. Are We Headed for a "Cyber-9/11?": The American Failure in Cyberstrategy

Author:
Benoit Gagnon
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Raoul Dandurand Chair of Strategic and Diplomatic Studies, Université du Québec à Montréal
Abstract:
In the wake of September 11, the U.S. Superpower once again became a target. This time, the attack was carried out by means of the Internet. How effective is American cyberstrategy? Examining the hacking scene in the last couple of years, it is clear that it is not an adequate response to present – and future – cyberthreats. Therefore, it is fair to say that the United States has a national security problem rather than a cybersecurity problem and to conclude that as things stand at present the American government is steering the United States toward a cyber-9/11.
Topic:
International Relations, Science and Technology, and Terrorism
Political Geography:
United States and America

5783. Foreign Policy-Making in the Clinton Administration: Reassessing Bosnia and the "Turning Point" of 1995

Author:
Séastien Barthe and Charles-Philippe David
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Raoul Dandurand Chair of Strategic and Diplomatic Studies, Université du Québec à Montréal
Abstract:
The conflict that ravaged Bosnia-Herzegovina from 1992 to 1995 was one of the central international problems that the Clinton White House had to face during its first term. The “issue from hell”, as Warren Christopher famously dubbed it in 19933, was emblematic of the Clinton administration's failure, during the period of January 1993 to late summer 1995, to formulate foreign policies that could produce the results desired by the policy-makers in the West Wing.
Topic:
Foreign Policy and Development
Political Geography:
United States, Bosnia, Herzegovina, and Eastern Europe

5784. "Foreign Policy Is Not What I Came Here to Do" Dissecting Clinton's Foreign Policy-Making: A First Cut

Author:
Séastien Barthe and Charles-Philippe David
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
The Raoul Dandurand Chair of Strategic and Diplomatic Studies, Université du Québec à Montréal
Abstract:
Some presidents fit a pattern. But though Clinton does bear comparison with some of his predecessors, he combines elements of several types and defies (for now) definitive categorization.
Topic:
Foreign Policy and Development
Political Geography:
United States and Eastern Europe

5785. America Adrift? Myths and Realities About the United States in the New World

Author:
Joseph M. Grieco
Publication Date:
11-2004
Content Type:
Working Paper
Institution:
Centre for International Peace and Security Studies
Abstract:
The war in Iraq continues; its wisdom and consequences for the United States and the Middle East cannot yet be fully assessed. Still, it may be said that the lead-up to the war largely put to rest the view that an American president can readily respond to external threats with unilateral military force, and need not take into account the views of allies and the United Nations. Presidents, even those with unilateralist inclinations, such as that at present, are constrained to remain committed to the North Atlantic Treaty Organization (NATO) and the UN Security Council because large majorities of the American public want their government to have allies and UN authorization when the United States goes to war. Americans are likely to want allies and international authorization because their possession increases the chances of pre-war coercive diplomatic success and, if war is necessary, success during and after it at lower cost. They may also want allies and international authorization for another reason, namely, to obtain a "second opinion" on the wisdom and the intentions of their leaders in taking them down a path that may end in war.
Topic:
Foreign Policy, NATO, and United Nations
Political Geography:
United States, Iraq, America, and Middle East

5786. International Diversification at Home and Abroad

Author:
Fang Cai and Francis E. Warnock
Publication Date:
12-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We analyze foreigners' and domestic institutional investors' positions in U.S. equities. Controlling for many factors, we uncover a common preference for large firms and firms that are diversified internationally. The domestic preference for internationally diversified firms implies that investors might obtain substantial international diversification by investing at home. Using an international factor model, we show that exposure to foreign equity markets is indeed greater for domestic firms that are more diversified internationally, suggesting that at least some of the home-grown foreign exposure translates into international diversification benefits. After accounting for home-grown foreign exposure, the share of 'foreign' equities in investors' portfolios nearly doubles, reducing (but not eliminating) the observed home bias.
Topic:
International Relations, Development, Economics, and International Trade and Finance
Political Geography:
United States

5787. The High-Frequency Effects of U.S. Macroeconomic Data Releases on Prices and Trading Activity in the Global Interdealer Foreign Exchange Market

Author:
Jonathan H. Wright, Alain P. Chaboud, Edward Howorka, David Liu, Sergey Chernenko, and Raj S. Krishnasami Iyer
Publication Date:
11-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
We introduce a new high-frequency foreign exchange dataset from EBS (Electronic Broking Service) that includes trading volume in the global interdealer spot market, data not previously available to researchers. The data also gives live transactable quotes, rather than the indicative quotes that have been used in most previous high frequency foreign exchange analysis. We describe intraday volume and volatility patterns in euro-dollar and dollar-yen trading. We study the effects of scheduled U.S. macroeconomic data releases, first confirming the finding of recent literature that the conditional mean of the exchange rate responds very quickly to the unexpected component of data releases. We next study the effects of data releases on trading volumes. News releases cause volume to rise, and to remain elevated for a longer period. However, in contrast to the result for the level of the exchange rate, even if the data release is entirely in line with expectations, we find that there is still typically a large pickup in trading volume.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States

5788. Growth-Led Exports: Is Variety the Spice of Trade?

Author:
Joseph E. Gagnon
Publication Date:
11-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
Fast-growing countries tend to experience rapid export growth with little secular change in their terms of trade. This contradicts the standard Armington trade model, which predicts that fast-growing countries can experience rapid export growth only to the extent that they accept declining terms of trade. This paper generalizes the monopolistic competition trade model of Helpman and Krugman (1985), providing a basis for growth-led exports without declining terms of trade. The key mechanism behind this result is that fast-growing countries are able to develop new varieties of products that can be exported without pushing down the prices of existing products. There is strong support for the new model in long-run export growth of many countries in the post-war era.
Topic:
Economics, Emerging Markets, and International Trade and Finance
Political Geography:
United States

5789. Global Financial Integration: A Collection of New Research

Author:
Mark Carey
Publication Date:
10-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
This introductory note summarizes and draws together the work reported in eight research papers written by staff economists of the Board's Division of International Finance as part of a project on global financial integration. The eight papers are also International Discussion Finance Discussion Papers (IFDPs), the numbers of which are specified on the table of contents that appears herein. When viewing this introduction online, the paper titles appearing on the table-of-contents page are web links that may be used to navigate directly to each paper's on-line file.
Topic:
Economics, Globalization, and International Trade and Finance
Political Geography:
United States

5790. Report of the Defense Science Board Task Force on Integrated Fire Support in the Battlespace

Publication Date:
10-2004
Content Type:
Working Paper
Institution:
Board of Governors of the Federal Reserve System
Abstract:
In 2001, the Under Secretary of Defense for Acquisition, Technology and Logistics (USD(AT)) directed the Defense Science Board (DSB) to study the precision targeting of air-delivered munitions. The results of the 2001 Task Force were well-received within Office of the Secretary of Defense (OSD), and in June 2003, USD(AT) directed the DSB to study the closely related topic of “integrated fire support in the battlespace.” In this new study the 2003 Task Force applied an approach and methodology similar to the 2001 effort but focused instead on ground-based fires, sea-based fires, and close-air support.
Topic:
Defense Policy and Science and Technology
Political Geography:
United States